Colombia: Exports expand for first time in 23 months in August
September 30, 2016
In August, exports grew 7.0% over the same month last year, which sharply contrasted the 27.3% plunge recorded in July. August’s reading marked the first expansion in exports since September 2014, putting an end to a streak of 22 consecutive contractions. According to the National Statistical Office (DANE), the result was largely driven by a rise in the value of exported hydrocarbons—which make up nearly half of the total value of exports—and an increase in manufactured goods.
Imports declined 32.9% in July (the most recent month for which data are available), which was more severe than June’s 12.6% contraction. The trade balance recorded a USD 1.0 billion deficit in July, which was smaller than the USD 1.7 billion deficit registered in the same month last year.
Author: Luis Lopez Vivas, Economist